Welcome to the Insurance Online News podcast with your host, Paige Estritori, where we deliver the latest and most significant news from the world of insurance in Australia. Our dedicated team works tirelessly to bring you the freshest updates, focusing on the stories that matter the most to both Australian businesses and individual consumers over the past week.
Through meticulous research, we transform these developments into original content that not only keeps you informed but also offers deep insights into the insurance landscape as it stands today. Our podcast distills these crucial updates into a format that's both succinct and captivating. For professionals within the insurance realm or personal consumers keen on keeping up with insurance trends, look no further. Paige Estritori brings you all the essential information daily, making our podcast the ultimate destination for trustworthy and impactful insurance news.
This Week:
Paige covers four updates for Australian consumers and businesses: government reviews of cyclone and terrorism reinsurance pools; industry profits rising as catastrophe costs ease and why shoppers should still compare; draft laws to ban life insurers from using genetic test results in underwriting; and an AFCA case affirming a large premium increase after a risk re‑rating. The takeaways focus on checking sums insured, documenting risk mitigation, and comparing personal and business insurance quotes at insuranceonline.com.au.
Hello and welcome to Insurance Online News, Im Paige Estritori, its Wednesday, 1 October 2025.
First today, the federal government has opened reviews of the cyclone and terrorism reinsurance pools. These pools are government‑backed safety nets that help insurers cover extreme risks, particularly in northern Australia and major commercial districts. The review could tweak how the schemes work, which may flow through to premiums and availability over time. If you operate in higher‑risk areas, keep records of your risk‑reduction steps and compare policies so youre ready for any changes.
Meanwhile, industry analysis shows general insurers booked about $7.3 billion in after‑tax profit last financial year as catastrophe losses eased and investment returns improved. Thats good for stability, but the report also warns of a perception gap after years of price pain for households and small businesses. Use the calmer backdrop to check your sums insured, consider reasonable excess settings, and compare options rather than auto‑renewing.
Next up, draft laws out for consultation would ban life insurers from using genetic test results in underwriting. If passed, that would remove a barrier for people seeking life cover or income protection after a medical test. Its not law yet, but its a signal to start exploring quotes and understanding what cover looks like for your circumstances.
And a reminder on risk‑based pricing. A recent case saw the Australian Financial Complaints Authority, or AFCA, back a large home premium increase after an insurer updated its risk model. It shows how location, building features and mitigation work can shift pricing. Provide accurate property details, document upgrades like roof, wiring or flood measures, and test the market with multiple quotes.
Thats the wrap. For clear comparisons and fast, free quotes from Australia‑wide brokers, visit insuranceonline.com.au. Im Paige Estritori—thanks for listening, and talk to you next week.
Follow us!
We are a proud member of the Financial Services Online network!
Connect with us on your favourite social media platform for the latest financial news, views, tips, tricks, resources and information.
Single parenting brings with it a mosaic of responsibilities and challenges, not least of which is securing a stable financial future for your child. The rollercoaster of raising a child alone often means that planning for the future can take a back seat to the day-to-day demands of parenting. Unexpected illnesses and injuries can compound these challenges, causing stress to multiply and plans to go awry. - read more
Life insurance is a financial product that provides a lump sum payment to your beneficiaries in the event of your death. It is designed to offer financial security by covering debts, daily living expenses, and future financial obligations. - read more
Financial security for families is an essential consideration in any household. Life can be unpredictable, and ensuring that your loved ones are protected from financial hardship in your absence is a critical part of financial planning. - read more
When it comes to financial planning, life insurance often takes a backseat. Many married couples in Australia overlook its importance, thinking that it's not immediately necessary or that they can simply put it off for later. However, life insurance should be regarded as a cornerstone of a solid financial strategy. - read more
Life insurance remains one of the most crucial considerations for new parents aspiring to provide a secure future for their growing families. The arrival of a child marks a transformative moment, redefining priorities and responsibilities. At its core, life insurance is a safety net, designed to offer financial protection and stability to loved ones in the event of an unforeseen tragedy. - read more
In a significant breach of trust, New Zealand insurance broker in Murray McClune has been sentenced to three years and seven months in prison for embezzling $NZ1.7 million ($1.5 million) from two elderly couples, as reported by the Financial Markets Authority. McClune, a registered financial adviser during 2016-2018, exploited his long-term relationship with his victims by offering fraudulent investment opportunities through his business, Insurance Plus. - read more
NSW state insurer, icare, has uncovered approximately 9,400 workers' compensation claims that might have been underpaid due to omitted inflation adjustments. The identification of these potential discrepancies is part of a wider industry review initiated by the State Insurance Regulatory Authority (SIRA). - read more
Australia's insurance sector is experiencing a significant shift as mental health conditions become the predominant cause of total and permanent disability (TPD) claims. Recent data from the Council of Australian Life Insurers (CALI) indicates that mental health issues now account for nearly one-third of all TPD claims, marking a substantial change in the industry's claim patterns. - read more
The Australian Securities and Investments Commission (ASIC) has commenced legal action against Australian Super, the nation's largest superannuation fund, alleging significant delays in processing death benefit claims. The regulator contends that between July 2019 and October 2024, Australian Super failed to handle nearly 7,000 claims efficiently, with some delays extending up to four years. - read more
The Australian Securities and Investments Commission (ASIC) has initiated legal proceedings against QBE Insurance, alleging that the insurer misled more than 500,000 customers about pricing discounts over a five-year period. The regulator claims that between July 2017 and September 2022, QBE used a pricing model that reduced the discounts customers were promised, affecting retirees, loyal customers, shareholders, and those with multiple policies or claims-free histories. - read more
